Hyperliquid Reaches 'Peak' Market Interest in 60 Days..."Arthur Hayes' Card Played Well"

▲ Hyperliquid (HYPE)/AI-generated image

Hyperliquid (HYPE) has attracted the highest level of market interest in 60 days, following the announcement of a new proposal by BitMEX co-founder Arthur Hayes.

According to crypto media outlet U.Today on April 17 (local time), Arthur Hayes unveiled Hyperliquid's new governance proposal, 'Hyperliquid Improvement Proposal 4 (HIP4)'. Hyperliquid is a platform that has been rapidly growing its presence in the decentralized derivatives exchange market, and this proposal focuses on expanding ecosystem liquidity and strengthening user rewards. Immediately after the announcement, social media mentions reached their highest level in the past two months, drawing significant market attention.

The core of this proposal is to increase the utility of the native token PURR and redesign the point distribution structure. The idea is to promote activity within the platform by restructuring it to provide more rewards to early contributors and users with high trading participation. Arthur Hayes emphasized that Hyperliquid should expand beyond a mere exchange to become an independent financial ecosystem. Following the proposal's release, the platform's market share rapidly expanded, reflecting growing expectations.

Positive changes are also being detected in on-chain data. Positive mentions of Hyperliquid have increased by over 150% compared to the previous week, and an influx of users from external networks has also been observed. In particular, a trend of some Solana-based users migrating to Hyperliquid has been noted. Open interest on the exchange surpassed $120 million, nearing an all-time high, and trading activity from whales holding large amounts of capital has also significantly increased.

Its technical foundation is also considered a factor supporting market expectations. Hyperliquid is building a developer-friendly environment based on compatibility with the Ethereum Virtual Machine, and indeed, trading fee revenue within the platform has also reached an all-time high, continuing the trend of fundamental improvement. Arthur Hayes assessed that Hyperliquid has the potential to grow into a core infrastructure for decentralized finance.

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